Germany at the top of the crypto ranking – is acceptance in the country really that high?

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23/09/2022, 4469 characters

Coincub regularly tops a list of the world’s most crypto-friendly nations. The ranking depends primarily on how easy it is for consumers to invest in or trade with cryptos, what the public regulations are like, and how well the coins are accepted by the population and institutions.

In 2022, Germany is at the top of this list. Still only in the first quarter, the Federal Republic shares first place in the second quarter of 2022 with the USA. Then comes Singapore, Australia and Switzerland, among others.

But what about the acceptance of cryptocurrencies in Germany? Did we deserve first place?

Germany as a lover of innovation

Germany has proven in recent years that it is open to innovation. In general, the Federal Republic is considered a country that follows trends and is often even a pioneer when it comes to introducing them. In addition to the automotive industry, high-tech topics often arise, such as the readiness and deployment of 5G.

Driving digitization brings benefits to many industries. A good example of this is the gambling industry. It has become highly digitized in recent years. Physical casinos still exist, but online casinos are now more popular. There are numerous providers and platforms in this field today that offer their gambling services online. Providers like Mr Green make a huge catalog of games available to their users – bigger than could ever exist in a brick-and-mortar casino. For players, it has become more convenient to play at the casino – they don’t even have to leave their homes to do so.

The situation is the same in other sectors. We are thinking, for example, of online shopping or streaming movies. The implementation of new technologies brings progress that simplifies our everyday life. Cryptocurrencies have not been in short supply for some time.

Crypto Friendly: What Does It Really Mean?

Now, Germany seems to be the most crypto-friendly country along with the US. But how do you really know if a nation accepts cryptos? A wide variety of factors are included in the Coincub ranking. Among other things, it is about taxation of the coins, cases of fraud in this area, acceptance by the population and mining of cryptos in the country.

Among other things, Germany can score particularly well in the following aspects:

  • Availability of crypto at institutions: Sparkasse has plans to make crypto wallets more accessible.
  • Crypto trading by private individuals: About 44% of Germans are interested in trading or investing in crypto.
  • More than 20 crypto ETNs on Deutsche Börse Xetra.
  • Active action against cybercrime: The best example of this is the dismantling of the Darknet server Hydra by the Federal Criminal Police Office.

The trading of cryptos and the supply from the government and institutions is therefore a clear sign of increased acceptance of digital currencies.

But what about everyday life in Germany?

Cryptos in everyday life in Germany

In the beginning, the people of Germany, as well as the government and institutions, seemed to be rather hesitant about cryptocurrencies. Now it seems that the cryptos are slowly gaining momentum.

In particular, offers such as the Sparkassen may soon make it even easier for Germans to invest in cryptocurrencies. Crypto wallets offered by the bank could ensure that the public can gain more trust in digital currencies. In addition, it would simplify trading with Bitcoin and Co. often. By keeping an eye on the current market movements, anyone – whether private or corporate – can invest in cryptos.

As an investment object, crypto-coins seem to have really established themselves in Germany. The situation is somewhat different with the spread of cryptocurrencies as a means of payment.

Acceptance here is rising quite slowly, but it is already noticeable. There are already some stores and especially online stores where you can pay with crypto. So far, the options are mostly limited to established coins like Bitcoin, sometimes Ethereum as well. However, Germany has not yet reached the level of acceptance of other countries.

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